Last checked at 12 Jul 2016 07:00
PICTON PROPERTY INCOME LTD - Asset DisposalPICTON PROPERTY INCOME LTD - Asset Disposal
PR Newswire
London, July 11
12 July 2016
PICTON PROPERTY INCOME LIMITED(“Picton”, the “Company” or the “Group”)
ASSET DISPOSAL
Picton (LSE: PCTN), has exchanged contracts to sell a central London office asset, to an overseas investor for £27.8 million.
Boundary House, Jewry Street, EC3, is located in the eastern part of the City and comprises a 45,000 sq ft multi-let office building, constructed in the mid 1950’s.
On exchange Picton was paid £2.8 million and completion of the disposal will occur on 30 August 2016. Picton will benefit from the rental income until the completion date.
In addition, Picton will issue an announcement of its June Net Asset Value on 20 July 2016.
Michael Morris, Chief Executive of Picton Capital commented “This transaction will reduce our overall gearing, our exposure to the central London office market and crystallises the value we have created since purchase.”ENDSFor further information:TavistockJeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.ukPicton Capital LimitedMichael Morris, 020 7011 9980, michael.morris@picton.co.ukNote to EditorsPicton is an income focused property investment company listed on the London Stock Exchange. Picton can invest both directly and indirectly in commercial property across the United Kingdom.With Net Assets of £417.1 million at 31 March 2016, the Company´s objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors. www.picton.co.uk